Illinois Raises FY2027 Revenue Forecast by $1.079 Billion: $927 Million Surplus Projected, $2.4 Billion Gap Looms in FY2028
The Governor's Office of Management and Budget (GOMB) in Springfield, Illinois, released the annual Illinois Economic and Fiscal Policy Report on Nov. 13, outlining the state's five-year fiscal outlook and updated projections for fiscal year 2027. Revenues are performing above expectations, the report said, while the state continues to prepare for federal funding cuts and additional cost pressures under H.R. 1.
On revenue, following stronger performance through the first four months of fiscal year 2027, GOMB increased its General Funds revenue forecast by $1.079 billion above the enacted budget estimate. After accounting for updated expenditure projections, the state anticipates a $927 million surplus before proposed allocations and supplemental spending needs. The report cautioned that some recent revenue gains reflect the timing of tax payments and are expected to moderate over the rest of the fiscal year, and that corporate income tax collections have been particularly volatile since the passage of H.R. 1.
Governor JB Pritzker proposes using the one-time surplus to prepare for future federal cuts: setting aside funds for future state matching requirements for the Supplemental Nutrition Assistance Program (SNAP); bolstering state disaster response funds for communities facing more frequent severe weather; replenishing the Budget Reserve for Immediate Disbursement and Governmental Emergencies Fund (BRIDGE Fund); and addressing supplemental needs, including additional funding for community programs serving a growing number of older Illinoisans. After the proposed allocations, the FY2027 surplus is projected at $199 million.
On the longer outlook, spending pressures are expected to keep exceeding revenue growth. Based on current projections, Illinois faces a projected $2.4 billion budget gap for fiscal year 2028, which the governor's FY2028 budget proposal in February will address.
The report also cited the state's recent fiscal record: under Governor JB Pritzker, Illinois has earned 12 credit rating upgrades, enacted eight consecutive balanced budgets, and grown its Rainy Day Fund to more than $2.5 billion.
(Source: Office of the Governor of Illinois)
Source: Office of the Governor of Illinois
Published by GSM · USA (original Chinese edition)
Photo: 图：伊利诺伊州州长 JB Pritzker 官方肖像（伊利诺伊州州长办公室官方照片，GSM 州长图库）。 / Photo: Official portrait of Illinois Governor JB Pritzker (Office of the Governor of Illinois, via GSM governors library).
